Great British Pound (GBP) Technical Major Currencies (2011-11-23)

By IBT Staff Reporter On 11/23/11 AT 1:58 AM

Morning Report

Analyzing yesterday's recovery towards the resistance of 1.5695 occurred before the collapse will be clearer more on four-hour interval where we can see how history repeated itself inside the recently established bearish channel. Re-attacking Fibonacci retracement of 61.8% once more proves the strength of the bearish trend that was confirmed with a breakout below 1.5905 and we believe that it will continue during the upcoming sessions since Vortex reflects the strength of this bearishness. The intraday potential support resides at 1.5580 where a break of which will bring panic sell-off actions towards 1.5480 followed by 1.5420.

The trading range for today is among key support at 1.5270 and key resistance at 1.5880.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.

Previous Report

Weekly Report

Support

1.5555

1.5475

1.5415

1.5375

1.5270

Resistance

1.5680

1.5720

1.5780

1.5825

1.5880

Recommendation

Based on the charts and explanations above our opinion is, selling the pair around 1.5645 targeting 1.5425 and stop loss above 1.5825 might be appropriate.